Yes Bank has acquired 30% in Reliance Power’s subsidiary Rosa Power Supply Company upon invocation of pledged shares, the bank informed bourses late on Tuesday.
The Rosa Power, which is located in Shahjahanpur district of Uttar Pradesh, has an operational capacity of 1,200 megawatts (mw). Yes Bank acquired 127,321,500 shares, representing 29.97% stake in the Rosa Power. “Shares acquired on invocation of pledge subsequent to default/breach of terms of credit facilities sanctioned by YES Bank to Reliance Power,” the bank said in a filing to the bourses.
Rosa Power was set up in September 1994 and the first unit of 300 me started generating power in 2009. It generated 4,341 million units of electricity in the year ended March 31. It was the first operating power plant of the Anil Ambani-led Reliance Power.
On January 7, Reliance Power informed the stock exchanges that it has defaulted on a debt repayment of Rs 685 crore in the quarter ended December. The announcement coincided with the expiry of the standstill period set by the Reserve Bank of India for resolution of stressed loans as per the inter-creditor agreement (ICA) under the central bank circular dated June 6. Bankers of Reliance Power had signed the ICA in July.
Source: Economic Times